So, Q4 2020 is coming, and if anything, Covid19 isn’t going anywhere soon - despite the protestations of the US government. So, we all need to ask ourselves - is our eCommerce business futureproof? Here’s some of the questions we need to find answers to if we’re going to emerge from the pandemic better and stronger:
• How secure is your supply chain? Just because your business can continue under social distancing, can all your suppliers? Are you in regular contact with them and checking their progress through the minefield that is Covid?
• Does your inventory need to change? Are you selling risky items? Could you introduce more lockdown-friendly products? Even if you feel comfortable with your portfolio, is now the time to invest in some R&D to future proof your inventory against a second, third, even fourth wave of the virus?
• Is your niche becoming more competitive as traditional retailers turn to eCommerce? What about new entrants from the High Street, who have turned cloudwards as a result of the pandemic – are you lean and mean enough to compete with the extra competition?
• How are your target demographics reacting to lockdown? Do they need incentivizing to stay with you? Do you REALLY know your customer well enough to react to their needs in the new lockdown and post-lockdown environment?
• What can you do to reduce friction and remove current hurdles that make it easier for new buyers to choose you?
• Do you have the right customer service tools and software to handle an influx of new business? Conversely, do those tools allow you to accurately assess your financial position so that you have a clear understanding of what’s required to stay afloat should the pandemic adversely affect your performance?
To say that ‘coronavirus is bad for business’ is often too simplistic, and sometimes flat-out wrong. Time may prove that all it has done is speed up changes in consumer behaviour which were inevitable anyway.
Now, armed with the facts, you can take a critical look at your business and face Q4 with confidence. If your business can thrive in the pandemic, now’s the time to get out there and win more sales!
A word from the author:
Our software Profitizer, is an app that makes it easier for eSellers to understand their marketplace profit & loss data from the top of their business right through to individual or grouped product profitability. For Amazon, eBay, Etsy and other marketplace sellers, Profitizer is “Profit and loss, made simple”.
Find out more: https://www.profitizer.app
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